Northeast Ohio gas prices increase almost a penny - Cleveland 19 News Cleveland, OH

Northeast Ohio gas prices increase almost a penny

Northeast Ohio motorists will be paying almost a penny more for a gallon of gasoline this week. The average price for a gallon of self-serve, regular unleaded gasoline is currently $3.592.

According to AAA's Fuel Gauge, following the Independence-Day-shortened trading week, which saw crude oil prices relatively unchanged in light trading, oil prices were down Monday on continued sovereign debt concerns in the euro zone and the economic uncertainty of a political stalemate in the U.S. Crude oil settled at $95.15, down $1.05 at the close of formal trading on the NYMEX. 

Announcements  of a downgrade of Portuguese debt and an interest rate hike by the People Bank of China designed to curb rampant inflation portends slower economic growth in the euro zone and China, respectively. Slower economic growth in these regions would be expected to reduce global demand for crude oil and place downward pressure on prices.  Momentum shifted Thursday following a slew of bullish indicators: the Department of Energy reported a decline in crude oil stocks; initial jobless claims fell by 14,000; and commodities and equities prices increased across the board.  While these factors resulted in crude oil prices moving more than $2 higher per barrel on the day, some analysts cautioned that this movement might not be indicative of a larger upward trend for prices.  This warning was quickly validated on Friday, as the recent day-to-day volatility of the market continued and crude prices turned sharply lower on a weaker-than-expected June jobs report and strength in the U.S. dollar.  Because oil futures are traded in U.S. dollars, when the dollar strengthens, investors, including those holding foreign currencies, get comparatively less oil for their money.  This makes crude oil a less attractive investment, which pressures prices downward.  Crude oil prices settled down $2.44 on Friday for a slight net decline on the week.

The current national retail average price for a gallon of self-serve regular gasoline is $3.636.  This price is 7.4 cents higher than a week ago, 7.2 cents less for the month and 92.1 cents more than a year ago.

This week's average prices: Northeast Ohio Average         $3.592

Average price during the week of July 5, 2011                    $3.584

Average price during the week of July 13, 2010                  $2.700

The following is a list of the average price of unleaded self-serve gasoline in various areas:

 

$3.568

   Alliance

$3.548

   Ashland

$3.603

   Ashtabula

$3.607

   Aurora

$3.655

   Chesterland

$3.575

   Cleveland

$3.583

   Elyria

$3.594

   Independence

$3.542

   Lorain

$3.594

   Lyndhurst

$3.546

   Massillon

$3.599

   Mentor

$3.585

   New Philadelphia

$3.600

   Niles

$3.598

   Norwalk

$3.696

   Oberlin

$3.459

   Parma

$3.606

   Ravenna

$3.635

   Solon

$3.646

   Willard

  

 

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